Shriram Properties Limited & ASK Property Fund have jointly invested INR 206 crore to acquire development rights for an ongoing project in Chennai. Through its wholly-owned subsidiary, Shrivision Elevations Private Limited, Shriram will make this investment. The project, named ‘Shriram 122 West’, is set to be launched soon. Funding for this investment is provided by the ASK Real Estate Special Opportunities Fund IV.
Situated near the Porur-Manapakkam IT cluster and the upcoming metro corridor in Mangadu, the project encompasses a total saleable area of 1.9 Million-SqFt divided into two phases. The estimated revenue potential for the next five years is around INR 1,200 crore. The project is designed to include approximately 1,900 residential units, with a primary focus on the mid-income group.
Also Read: Upcoming Residential Project: GHR Callisto, Hyderabad
Having committed a total capital of INR 500 crore, this marks the second collaborative investment by ASK and Shriram through their co-investment platform, established in November 2022.
Between these two projects, the platform has utilized 60 percent of its committed capital. The partners are actively investigating opportunities for co-investment in residential and plotted development projects within Bengaluru, Chennai, and Hyderabad.
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